Blog

Selling Diamonds For Cash: The Stigma is Disappearing

It wasn’t that long ago that most people wouldn’t even think of selling old jewelry. Few people did it, and even when they did, it wasn’t something they talked about. Selling jewelry was considered inelegant and a sign that the family had fallen on hard times. It didn’t matter if you never wore it, or if that brooch you inherited from your great aunt was too big, tacky and not at all your style. The place for jewelry like that was in the closet, not the secondhand market.

Fast forward a generation and that’s all changing. Men and women today are looking at their old and unused jewelry as an investment. Some people sell it to go on vacation or pay for their kids’ college tuition. Others are even selling their current wedding or engagement rings to upgrade to a piece that better matches their style. Whatever someone’s reason for selling, it isn’t seen as shameful anymore. It’s a smart, savvy financial practice and more people are deciding to sell their seldom-used jewelry every day.

So why the change? Part of it has to do with the price of gold. Over the last decade, the price of gold shot way up. While it currently isn’t as high as it was two years ago, it’s still much higher than it was 10 years ago. People started to figure out just how much money they could get just by selling jewelry they never wore. Once people realize they can make money doing something, it usually becomes a lot more acceptable.

The price of gold isn’t the only reason for the change of attitude, though. A lot of it has to do with the fact that certain diamond shapes, cuts and colors often go in and out of style now. It didn’t used to be that way. Diamonds used to be something you bought for really special occasions: weddings, engagements and sometimes graduations. They were precious pieces of jewelry with huge sentimental value that the recipient was meant to keep for the rest of her life.

Jewelers started using smaller, less expensive diamonds to create stylish, trendy and more affordable jewelry, like tennis bracelets or heart necklaces. These items were very popular and certainly made jewelers a lot of money, but like any trend, they eventually went out of style. Unlike clothes, which show visible wear over time, diamonds can last for decades and still look brand new if they’re stored and handled properly. That means your diamond tennis bracelet from the 1980s can be resold much more easily, and for a much higher price, than your leg warmers and stirrup pants from the same era. At the same time, diamonds became much more readily available and as a result, less expensive overall. When most everybody can easily buy something on every corner, reselling it is almost expected.

The idea that diamond jewelry can go in and out of style got people to start looking at all their jewelry differently. If this particular piece can be sold after it goes out of style, then why can’t all jewelry? Now, inherited diamonds aren’t necessarily seen as precious heirlooms that should never be sold. People realized that their loved ones left them these jewels for a reason that didn’t involve them sitting in the back of a closet. That their relatives would be happy that their old jewelry helped pay for a niece, nephew or grandchild’s college education.

There has also been a recent spike in broken marriages and engagements. It’s not the happiest thought, but more people realize now that relationships change over the years and not always for the better. When you’re no longer happy with your marriage or engagement, sometimes the healthiest thing to do is end it. People understand that divorce is something that happens and nobody looks down on you for selling your wedding or engagement ring after a painful breakup.

Probably the biggest contributor to the disappearance of social stigma against selling stones is the fact that there are so many more options for people looking to sell nowadays. It used to be your only option was to go into a pawn shop where you almost expected to get ripped off. It was almost better to let that old jewelry sit in a closet than be pressured into a sale you weren’t happy with. Now there are more options. There are upscale secondhand stores with knowledgeable staff and multiple layers of security, and there are online resources that make selling your diamond safe, easy and in the case of Diamond Lighthouse, more lucrative.

Diamond Lighthouse makes getting the best value for your diamond easier than it’s ever been. Because we don’t buy your diamonds from you, we aren’t trying to offer you the lowest possible amount, like a pawn shop or secondhand jeweler will. Instead, we sell your diamond jewelry for you, using over 25 years of experience in the diamond industry to connect you with our network of elite diamond buyers and jewelers. These are buyers who don’t usually deal with people outside of the industry. Buyers that most pawn shops and secondhand jewelers don’t have access to. Because we have this network, we’re able to command higher prices for your diamond jewelry than you’ll get anywhere else. And since we only take a small commission after you hear a price you’re happy with and have agreed to a final sale, we’re motivated to get you the most money possible for your old jewelry. It’s also completely risk-free. If at any point you change your mind, we’ll send your jewelry back to you free of charge.

When selling your old diamond jewelry is that easy, it’s no wonder the stigma is disappearing.